Compensation Program "Do's and Don'ts"

Recorded Webinar | David J. Wudyka | From: Sep 08, 2021 - To: Dec 31, 2021

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By attending this webinar, you will learn what a formal compensation program is. This session will give you an understanding of the six steps in building a formal compensation program.

Human Resource practitioners or General Managers should attend this program to create and implement effective Compensation strategies that can become a competitive advantage for their companies.

You will benefit by learning strategies that can help to establish equity (i.e. fairness), simplify pay program administration, and be a more effective strategic partner in the business. A haphazard, laissez-faire program will lead to the same result that such programs lead to in larger companies: employee relations issues! Our pragmatic Webinar Leader, David Wudyka, SPHR, MBA, will share his considerable insight on this topic.

Areas Covered in the Session:-

  • Why using a structured approach to pay program design is important
  • What is a "formal Compensation program"?
  • The six steps in building a "formal Compensation program"
  • Four goal-based characteristics of "pay strategy"
  • The importance of pay equity, and the two forms it takes
  • The difference between "Procedural" and "Distributive Justice"
  • Qualitative vs. Quantitative performance assessment: which is better?
  • Is it ok to use more than one payment system "under one roof"?
  • Why is it important to use "pay ranges"?
  • Job Evaluation? Why can't we just "market price" our jobs?
  • How can we get the most out of our modest merit budget?
  • The controversy about the use of Weighted Averages vs. Medians
  • "We can get pay survey data for free? Where?!"
  • The most common pay program problem in companies of all sizes
  • Who are your "key contributors" and why are they so important?
  • Don't have enough cash compensation? Consider "cost-shifting"!
  • A common confusion about "cost of living increases"
  • Considering mimicking your competition? Don't do it!
  • Considering conducting your own pay survey? Don't do that either!

Who Will Benefit:-

  • Human Resource Managers
  • Compensation Analysts
  • Compensation Managers
  • Financial Managers of HR Departments
  • CEO's and General Managers of small companies

David J. Wudyka

David J. Wudyka, MBA, is the Managing Principal of Westminster Associates of Wrentham, MA (www.westminsterassociates.net). He has over thirty years of experience as a Human Resource Consultant with a specialty in Compensation Consulting. David has taught extensively in colleges and universities such as UMass Boston, Bryant University, and the U.S. Coast Guard Academy. David is especially interested in how the HR Dept. can strengthen its role as a Strategic Partner in businesses today. He is writing extensively about how to improve pay transparency and reduce the gender pay gap in ways that make sense for businesses of all sizes.